Chico’s Outlines Strategic Plan
New York City Chico’s FAS Inc. on Thursday outlined its plan to improve results, including improving its merchandise selection and slowing real estate growth, according to the Associated Press.
Chico’s outlined the plan in a statement following its annual shareholder meeting.
The company plans to improve the “fit, fabric and quality” of its clothes. At the same time, it plans to slow real estate square-footage growth until the weak retail environment improves, the report said.
It also plans to tighten control on inventory, and cut expenses and capital expenditures.
Also during the meeting, the shareholders re-elected three directors, ratified an amended stock and incentive plan, and appointed Ernst & Young LLP as its independent public accountant for the fiscal year ending Jan. 31, 2009.
Chico’s FAS Inc. has suffered as consumers cut back spending amid a rising cost of living and declining home values, the report said.
In May, Chico’s reported its first-quarter profit dropped 73% as sales of its core apparel brand dropped and expenses increased. Revenue fell 10% to $409.6 million.
Sears boosts holiday offerings
NEW YORK Sears Holdings will approach the holidays not only with new decorations and gifts, but with new products and brands, too.
Kmart will offer seven decoration and wrapping paper themes in Martha Stewart Everyday, as well as ornaments from Christopher Radko, under the low-priced Celebrations by Radko brand, and with an Elvis theme. In time for holidays, the retailer will launch a line of CosmoGIRL bedding at Sears. This comes as the initial phase of the company’s Canon brand domestics launch begins at Kmart. Sears also will offer a nail driving tool in its Nextec compact, female-oriented line under the Craftsman brand, new treadmills from NordicTrack including the top-of-the-line $1,699 Elite XT, the first to offer a digital ATSC tuner in an integrated television set, and a new color, Chai, in its Kenmore Elite HE5t Steam Team washer and dryer.
Food Lion to share POS data
SUNNYVALE, Calif. Food Lion has selected Retail Solutions, a leading solution provider helping consumer product goods companies create value with retailer data, to help share its point-of-sale data with its suppliers.
Using Retail Solutions Demand Signal Management program, Food Lion will be able to share POS information by store and item, as well as by data points at the warehouse level, including shipment and ordering. The information is then automatically converted to the individual supplier’s format, item master and hierarchies, the companies reported.
“We chose Retail Solutions because their offering enables our suppliers to immediately and effectively leverage our data to drive improvements in our joint supply chain,” said Pete Bonneau, vp of efficiency and productivity for Food Lion. “Retail Solutions’ technology and services provide an effective solution to share near real-time data in a way that enables suppliers to take immediate action.”